Homework Chapter 7 i Saved Help Save & Exit Submit Check my work 2 Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 4 2. Collected $72,000 cash from accounts receivable. points 3. Paid $36,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Percent Likely to Be Allowance Amount Uncollectible Balance eBook Past Due Current $ 7, 800 0. 01 0-30 4, 500 0. 05 31-60 2, 000 0. 10 61-90 2, 200 0. 20 Hint Over 90 days 2, 500 0.50 Required: Print a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? References Complete this question by entering your answers in the tabs below. Required A Required B Required C Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. VULCAN SERVICE COMPANY Accounting Equation for Year 1 Assets Equity Event NRV = Liabilities Retained Account Titles for Retained Earnings Cash Accounts Common Stock Earnings Receivable 1. 11 2. Mc Graw HillHomework Chapter 7 i Saved Help Save & Exit Submit Check my work 2 Number Of Days Percent Likely to be Allowance Past Due Amount Uncollectible Ba lance Current $ 7,800 0.01 0-30 4,500 0. 05 31-60 2, 000 0. 10 61-90 2, 200 0. 20 4 Over 90 days 2,500 0.50 points Required: a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement for Vulcan Service Company for Year 1. eBook c. What is the net realizable value of the accounts receivable at December 31, Year 1? Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Required C Organize the transaction data in accounts under an accounting equation. References Note: Enter any decreases to account balances with a minus sign. Not all cells require input. VULCAN SERVICE COMPANY Accounting Equation for Year 1 Assets Equity Event NRV = Liabilities + Cash Accounts Common Retained Account Titles for Retained Earnings Receivable Stock Earnings 1. + + 2. 1I + + 3. A 11 Balance + + Mc Graw HillHomework Chapter 7 i Saved Help Save & Exit Submit Check my work 2 Number Of Days Percent Likely to be Allowance Past Due Amount Uncollectible Ba lance Current $ 7,800 0.01 0-30 4,500 0. 05 31-60 2, 000 0. 10 61-90 2, 200 0. 20 4 Over 90 days 2,500 0.50 points Required: a. Organize the transaction data in accounts under an accounting equation. eBook b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Required C Prepare the income statement for Vulcan Service Company for Year 1. References VULCAN SERVICE COMPANY Income Statement For the Year Ended December 31, Year 1 Operating expenses Total operating expenses Required A Required C > Mc Graw HillHomework Chapter 7 i Saved Help Save & Exit Submit Check my work 2 Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $91,000 of services on account. 2. Collected $72,000 cash from accounts receivable. 4 3. Paid $36,000 of salaries expense for the year. points 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Percent Likely to Be Allowance Past Due Amount Uncollectible Balance Current $ 7, 800 0. 01 eBook 0-30 4, 500 0. 05 31-60 2, 000 0. 10 61-90 2, 200 0. 20 Over 90 days 2, 500 0.50 Hint Required: Print a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? References Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value Mc Graw Hill